Sales Beat

Northwind Group Makes 40 Wooster Street Buy

40 Wooster Street. (PropertyShark)

Northwind Group has acquired 40 Wooster Street in Soho for $16.35 million, according to city records filed this week. The seller was 40 Wooster Street Realty Corp.

The six-story commercial building boasts 9,000 square feet of office space and 2,375 square feet of retail space, according to PropertyShark. The buyer declined to comment on future plans for the property. Read More


Ace Hotel Likely Coming to Downtown Brooklyn

Ace Hotel New York. (Ace Hotel New York website)

GFI Capital Resources is close to sealing a deal with the Ace Hotel to open a new lodge under its brand a few blocks away from the Barclays Center in Downtown Brooklyn, Commercial Observer has learned.

Allen Gross, president and CEO of GFI Capital Resources, has nabbed a number of parcels on Bond Street, at the corner of Schermerhorn Street, in an off-market deal, and hopes to bring a trendy Ace Hotel to the site, sources with knowledge of the deal told CO. His equity partner in the deal was Spruce Capital, which now owns a majority stake in the development site. Read More

Food & Drink

Chef Prodigy, Food Market Chain Owner Hook Up for Hudson Food Hall [Updated]

Gregg Grossman. (Credit: Culinaria Group)

Teen chef Greg Grossman is teaming up with the founder of the eatery chain Bread & Butter to create Hudson Food Hall, Commercial Observer has learned.

“I wanted to do a different concept taking some of the Bread & Butter infrastructure, wearing different colors and schemes and create a true New York food experience,” said Terence Park, the founder, president and owner of Bread & Butter. Read More

On The Bowery

Plans Emerge for Ace Hotel’s “Faux Hostel” at 225 Bowery

225 Bowery

The trendy Ace Hotel brand will soon sidle up right next to the Bowery Mission with a so-called “faux hostel” (or “distilled service”) concept at the vacant 225 Bowery, formerly a Salvation Army shelter and community center. 

Nataliya Donskoy of ND Architecture will design the spot’s 178 guest rooms spread over 10 floors and 57,793 square feet. Bowery Boogie, which first reported the Bowery Ace project in September, is now saying that the development will cost $5 million split between North Wind Group and the Omnia Group. Read More

Cover Story

Hostel Takeover: The Return of the Backpacker Crash Pad

Hostels See Increase In Business As Travelers Look To Save On Lodging

Jerry Kremer wouldn’t back down on the matter of bunk beds.

Mr. Kremer, a former New York State assemblyman and founder of Empire Government Strategies, is lobbying for the passage of legislation that would permit the licensing of hostels in the city and encourage their growth here. New York has never really embraced the hostel Read More

Midtown South

Midtown South: What a Difference a Decade Makes

Angelo & Maxie's at 233 Park Avenue South

A decade ago, a walk down Fifth Avenue near 17th Street would have included a stop at advertising firm Geer DuBois, and a walk farther north on Park Avenue South would have culminated in a visit to Angelo & Maxie’s Steakhouse.

Both were pioneering tenants, willing to take a chance on the less desirable precincts of Midtown South—and both are gone. Read More

Midtown South

Blurred Lines: What Happens When Flatiron District and NoMad Combine?


Just a few years ago, the NoMad district was more like a no-man’s land, made up of a less-than-pretty arrangement of gritty wholesalers, hair salons and counterfeiters.

Some of that persists, but the before-and-after contrast with the new wave of retailers and clientele in the neighborhood couldn’t be starker, as its boundaries with the similarly much-improved Flatiron District begin to blur.

“They’re starting to blend into each other,” said Michael Azarian, director of retail leasing at Massey Knakal. “The neighborhood has seen a flood of new boutique office tenants, [and] new residential and hotel developments that have been catalysts for change.” Read More


Ace Hotel NOT involved in 54 Canal Street Development


Despite reports that the Ace Hotel, the Seattle-based hotel chain that has become a darling of Midtown South entrepreneurial sorts in need of a nosh and a WiFi signal, was in plans to open up a new hotel at 54 Canal Street, the group told The Commercial Observer that it was not involved in the project in any way.

A spokesman for The Ace Hotel, which already has a Midtown South location, said that the firm had “no involvement” in the redevelopment of the Jarmulowsky Bank Building. Earlier today the Bowery Boogie, a Lower East Side blog, claimed that the hip hotel chain was going to open a new outpost there.  Read More


Exclusive: NoMad Hotel Project to Expand by More Than 100,000 SF

Expansion plans directly across from the Ace Hotel.

The developer Jon Lam is arranging a deal to significantly increase the size of a hotel project he is planning to build on Broadway between 29th and 30th streets.

Over the summer, Mr. Lam purchased two commercial buildings, 1205 and 1225 Broadway, for about $72 million with plans to raze the two structures and erect Read More


Likely Bedfellows: Ace Hotel Teams Up with Google for Guests


The hipster-approved Ace Hotel has long been a place for the unlikely trifecta of New York’s tech, media, and music scenes to congregate around. A partnership with one of the most recognizable names in technology shouldn’t come as much of a surprise, then.

The Ace’s lobby has traditionally provided the un-, self-, and vaguely-employed a chic place to plant themselves for the day with complimentary-if-not-spotty WiFi, along with the town’s coffee roaster of the moment, Stumptown, and two Ken Friedman restaurants right in the building (whether or not they find themselves tempted to shop at uber-hip Opening Ceremony boutique is another story altogether). Even last week, The Observer‘s tech blog BetaBeat found themselves spying on the mastermind behind the (literally) rockstar-driven startup du jour Turntable.FM at the Ace.

Now comes the ultimate validation of that through corporate partnering: Read More